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Altcoin News

Mastercard CEO: Cryptocurrencies Are ‘Junk’ And Not A Proper Medium Of Exchange

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The president and CEO of one of the largest payment processors and card issuers, Mastercard, Ajay Banga, has again bad-mouthed cryptocurrencies, labeling them as ‘junk’.

During a speech in New York, Banga said that cryptocurrencies are ‘junk’ and argued that the factors which made them unqualified to be mediums of exchange included their anonymous nature and the wild fluctuations that they experienced.

As he said (reported by CNBC):

“I think cryptocurrency is junk….The idea of an anonymized currency produced by people who have to mine it, the value of which can fluctuate wildly – that to me is not the way that any medium of exchange deserves to be considered a medium of exchange,”

Banga responded to a question on cryptocurrencies that was asked during the ‘New India Lecture’ organized by the Indian Consulate in New York. During the event, Banga rehashed the criticism that is constantly present when it comes to cryptocurrencies.

What’s interesting is the fact that this is not the first time Banga is attacking cryptocurrencies. In October 2017, the Indian CEO of the US financial services giant labeled them as ‘junk’ and ‘non-government mandated’.

The good news, however, is that Banga is looking forward to accepting his company’s (Mastercard) digital currency mandated or developed by a central bank. In this case, the Mastercard CEO labeled digital currencies as ‘interesting’ for the government-mandated central banks.

A proof for Mastercard’s willingness to accept digital assets is the blockchain-based coupon authentication system and travel itinerary bidding system which are both inventions that Mastercard has filed or has been awarded.

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Altcoin News

Crypto Exchange OKCoin Is Adding Tron To The Platform

The crypto exchange OKCoin announced to be listing Tron to its platform according to the information coming to our digital currency crypto news media outlet. OKCoin a platform that mainly focuses on traditional swaps and serves only US customers. The CEO of the exchange, Tim Byun believes that first, regulation is extremely important and that the platform won’t be listing tokens that are considered to be securities. He explained:
‘’First thing we do, we have to abide by regulations in the US. We are a money service business. We’re operating out of the US. We’re serving US customers. So from a regulatory perspective, that’s the clearest step one to take, so we spend a lot of effort on our compliance team and our legal team to ensure that whatever we list is not a security.’’
In an interview with CCN, Tim continued on by saying:
‘’We do not have an ATS or a broker-dealer license, so we cannot facilitate the trading of securities. We made sure that TRX is used today as a utility. That there is a use case, that it passes the Howey Test, kind of laid out by the prior rulings of an SEC case, that’s the best we have.’’
OKCoin believes that adding TRON is extremely exciting. They are very cautious with their listings and one of the reasons to be adding TRX is because it is high in demand. The CEO of OKCoin went to meet the TRON team and said that he felt extremely comfortable and really loved their experience. Tron will be available to trade when the markets go live and will be able to be traded against the US dollar, BTC and EThereum on the OKCoin platform.
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Altcoin News

Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019

A professor from the University of California, Los Angeles (UCLA), Scott Galloway, believes that crypto will be even worse this year and in our bitcoin news today we find out more about his opinions. Galloway thinks that crypto will struggle even further in the following 12 months because most of the emerging technologies and markets tend to move by cycles. This is why the crypto market seems to be unaffected by the developments in the industry and this is why the value of digital assets moves mostly because of sentiment than by short-term events. Last year, many of the emerging markets such as crypto and virtual reality, had really poor progress and market growth. It is extremely hard for new technologies to go with massive changes since the investors become impatient really easy. However, prior to 2018, all of these technologies had great years which led to their value increases. The professor pointed out:
‘’VR and crypto go from bad to worse. AI fails to live up to the hype. 3D printing rises from the ashes. Smart cameras become a hot category.’’
His assessment seems to be accurate but can the crypto market prove to be the odd one out? This can be so since many industries are really committed to the crypto sector. Companies such as Fidelity, ICE, and Nasdaq have funded at least five projects in the crypto space over the past year. Venture capitalist Jim Breyer even said:
 “So many of the very best computer scientists and deep learning Ph.D. students and postdocs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to bet against the best and brightest in the world.’’
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Altcoin News

Crypto Markets In The Green Again As Bitcoin Jumps To $3,712

Bitcoin as the number one cryptocurrency by market cap was crushed within the past week with three major sell-offs when its price dipped below the $3,481 price level. In today’s bitcoin news we can gladly say that the markets are turning green and BTC is back up. Monday is a great day for bitcoin since the price for the biggest digital asset increased up to $3,712 after falling below the $3,500 price point. The recovery was noticed in other cryptocurrencies as well such as Ripple rising 2.4 percent and ethereum rising by 6.4 percent. The best performer turns out to be TRON which leaped by 11 percent after the criticism of the former employee of BitTorrent. It is still not quite clear that boosted the market though some analysts think that this could be a result of the growth in trading volume. However, many other analysts such as bears like Mark Dow and bulls like Willy Woo, think that they identified the technical and most important weakness that could lead the bitcoin price to drop at least in the immediate future. It is important to notice that cryptocurrency isn’t the only asset trying to recover from the previous slump. For example, the Dow Jones Industrial Average traded really low at 230 points in the pre-open futures market but has since trying to cut back the losses after the United States President Donald Trump stated that China and the US are really close to making a trade deal.
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Altcoin News

Major Swiss Bank Launches A Crypto Custody Solution Targeting Banks & Asset Managers

A major private investment bank from Switzerland is in the latest crypto news for launching a crypto custody solution that will target banks and asset managers. The Vontobel bank which is based in Zurich is reportedly the largest financial custody provider in Switzerland. As the official crypto press release notes, the launch of the new digital assets custodian solution named Digital Asset Valut will put Vontobel in the spotlight as the first bank in the world to comply with standards required by both industry regulators as well as financial intermediaries. Moreover, the new tool will allow the banks and asset managers to offer their clients a number of services related to cryptocurrencies such as purchases, transfers and storage of crypto. What's also included in the announcement is that the Digital Asset Vault will operate just as in the traditional assets classes under the rules of the banking infrastructure. As such, its customers will get a consolidated overview of traditional and digital assets and will get to choose an alternative to their previous personal regulations. This is not the first crypto initiative by Vontobel. Before this, the bank operated as a lender and provided its clients with cryptocurrency investments. In 2017, some sources reported that the Bitcoin (BTC) certificate of the bank was the most traded product on the Europe's largest stock exchange, the SIX Swiss Exchange.
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